Oil prices fall as Trump tweets at OPEC, US crude stockpiles climb

Natural gas flares off at a production facility owned by Exxon near Carlsbad New Mexico

Brent closed down 0.2 per cent on Wednesday.

International Brent crude oil futures slid 26 cents to about $67.57, while US West Texas Intermediate (WTI) crude futures were down about 24 cents to $59.17.

Oil fell for the fourth time in five days as President Donald Trump called on OPEC to lift production and data showed the USA economy cooling faster than expected.

Venezuela's main oil export port of Jose and its four crude upgraders have been unable to resume operations following a massive power blackout on Monday, the second in a month, according to industry workers and a union leader close to the facilities. The price action is also indicating a slight divergence between WTI and Brent crude oil with the USA market showing more strength this week.

However, the OPEC+ cuts are not the only reason for rising oil prices this year, with analysts also pointing to USA sanctions on oil exporters and OPEC members Iran and Venezuela as reasons for the surge.

Crude oil is seen potentially increasing in the second quarter, but for now we adopt a short-term bearish stance in the belief that $60 (WTI) and $70 (Brent) will present a temporary line in the sand, Hansen had said last week in a report.

Expectations of a further drop in USA inventories also supported prices, suggesting the OPEC-led curbs were helping to avert a buildup of excess supplies.

'Oil supply fundamentals remain price-constructive with OPEC+ collectively making good progress on pledged supply cuts, ' BNP Paribas strategist Harry Tchilinguirian told the Reuters Global Oil Forum.

Both the crude oil benchmarks plunged by over 3% in the last week hitting their highest since past year November.

Manufacturing data from Asia, Europe and North America is pointing to a sharp economic slowdown.

"Very important that OPEC increase the flow of Oil". This news could be adding further downward pressure on oil prices today thus exacerbating the move lower in Crude following Trump's tweet.

USA crude inventories are forecast to have fallen by 2.4 million barrels in what would be a third straight weekly decline.

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